Printer Friendly

HAMBURGER HAMLET ANNOUNCES 1992 FOURTH QUARTER AND YEAR-END EARNINGS

    SHERMAN OAKS, Calif., Feb. 22 /PRNewswire/ -- Hamburger Hamlet Restaurants Inc. (NASDAQ: HAMB) announced earnings today for its fourth fiscal quarter and fiscal year ended Dec. 27, 1992.
    Net income for the fourth quarter ended Dec. 27, 1992, increased to $692,000 or $.16 per share.  This compares with a net loss of ($760,000) or ($.27) per share for the fourth quarter of 1991.
    Income from operations increased 14.6 percent to $956,000 for the fourth quarter of 1992 from $834,000 for the comparable period in 1991.
    Revenues increased 22.4 percent to $16.53 million in the fourth quarter of 1992 from $13.50 million in the same period of 1991. Same-store revenues for the fourth quarter of 1992 decreased 1.4 percent.
    Net income for 1992 was $2.94 million or $.70 per share.  This compares with a net loss of ($992,000) or ($.46) per share for 1991.
    Income from operations for 1992 increased 44.4 percent to $4.85 million compared with $3.36 million in 1991.
    Revenues increased 19.8 percent to $63.49 million in 1992, compared with $53.01 million in 1991.  Same store revenues decreased .8 percent for the year.
    "Overall, 1992 was an excellent year for Hamburger Hamlet Restaurants Inc.," said Thomas A. McFall, chairman and chief executive officer.  "We achieved dramatically improved sales and operating profits compared to the previous year.  Additionally, we successfully opened five new Hamburger Hamlets, as planned, each of which has proven very successful in contributing to our improved results.  In reviewing the year, we are pleased that same-store revenues remained as strong as they did in view of the prevailing difficult economic environment."
    "In conclusion, 1992 was a year of growth, accomplishment, and learning for Hamburger Hamlet Restaurants Inc.," said McFall. "We feel that we have learned a great deal from the year, and more importantly, we have proven we can respond to and manage the challenges that face all companies in the 1990's.
    "We believe that the positive momentum built up in 1992 will continue into 1993," said McFall.  "We are optimistic that the ability to obtain beneficial lease terms will remain, presenting us with a wide variety of exciting locations to choose from.  We plan to open at least six new restaurants in 1993.
    "In the fourth quarter, historically not our strongest quarter, we felt the effects of Southern California's soft economy, which led to the slight decrease in same store revenues during the quarter," said McFall.  "In addition, our margins came under pressure during the fourth quarter for the first time in the past 12 months.  Food costs increased as a percentage of revenues due to slightly higher commodity costs and the fact that we delayed an anticipated price increase until the first quarter of 1993.  Operating expenses increased as a percentage of sales, a result of lower same-store revenues.  Depreciation and amortization increased as a percentage of revenues, primarily due to the amortization of pre-opening expenses for the new restaurants.
    "Once again, our general and administrative costs as a percentage of revenues continued to decrease during the quarter," McFall continued.  "This further validates our ability to grow while continuing to manage our general and administrative expenses."
    Founded in 1950, Hamburger Hamlet Restaurants Inc. owns and operates 31 restaurants in the Southern California (21), Washington, D.C. (7), and Chicago (3) metropolitan areas.  The company's common stock is traded through the NASDAQ National Market under the symbol "HAMB."
                  HAMBURGER HAMLET RESTAURANTS INC.
                Consolidated Statement of Operations
            (Thousands of dollars except per share data)
                             (Unaudited)
                            Fourth Quarter ended     Year ended
                             Dec. 27,  Dec. 29,  Dec. 27,   Dec. 29,
                               1992      11?      1992       1991
    Revenues                  16,531    13,501    63,485    53,012
    Costs and expenses:
     Food & beverage costs     4,365     3,506    16,364    13,746
     Operating expenses,
      including occupancy      8,767     7,118    33,183    27,803
     General & administrative
      expenses                 1,561     1,471     6,090     5,645
     Depreciation &
      amortization               882       572     3,001     2,462
     Total                    15,575    12,667    58,638    49,656
    Income from operations       956       834     4,847     3,356
     Interest expense            111       661       448     2,560
     Interest accretion --
      shadow warrant             ---       ---       ---     1,070
     Settlement of non-
      competition and
      consulting agreements      ---       580       ---       580
     Other (income) expense      (50)      (45)     (207)     (269)
     Total                        61     1,196       241     3,941
    Income (loss) before
     income taxes and
     extraordinary item          895      (362)    4,606      (585)
    Income tax provision
     (benefit)                   203        15     1,665        24
    Income (loss) before
     extraordinary item          692      (377)    2,941      (609)
    Extraordinary loss, net
     of income tax benefit
     of $219,000                 ---       383       ---       383
    Net income (loss)            692      (760)    2,941      (992)
    Per share data:
    Net income (loss)
     before extraordinary
     item                      $0.16    ($0.13)    $0.70    ($0.28)
    Extraordinary item          ---     ($0.14)     ---     ($0.18)
    Net income (loss)          $0.16    ($0.27)    $0.70    ($0.46)
    Average number of
     shares outstanding    4,264,043  2,822,843 4,222,010 2,140,492
    Number of stores
     open at end of
     period                       31         26        31        26
                    HAMBURGER HAMLET RESTAURANTS INC.
                  Consolidated Statement of Operations
             Costs and Expenses as a Percentage of Revenues
                               (Unaudited)
                            Fourth Quarter ended     Year ended
                             Dec. 27,  Dec. 29,  Dec. 27,   Dec. 29,
                               1992      1991      1992       1991
    Revenues                  100.0 pct 100.0 pct 100.0 pct 100.0 pct
    Costs and expenses:
     Food & beverage costs     26.4 pct  26.0 pct  25.8 pct  25.9 pct
     Operating expenses,
      including occupancy      53.1 pct  52.7 pct  52.3 pct  52.6 pct
     General & administrative
      expenses                  9.4 pct  10.9 pct   9.6 pct  10.6 pct
     Depreciation &
      amortization              5.3 pct   4.2 pct   4.7 pct   4.6 pct
     Total                     94.2 pct  93.8 pct  92.4 pct  93.7 pct
    Income from operations      5.8 pct   6.2 pct   7.6 pct   6.3 pct
    -0-             02/22/93
    CONTACT:  Anne Fitzpatrick of Hamburger Hamlet Restaurants, 818-995-7333
    (HAMB) CO:  HAMBURGER HAMLET RESTAURANTS INC. IN:  LEI SU:  ERN ST:  CA


-- LA012 -- X360 02/22/93
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:1001
Previous Article:BELMAC RESPONDS TO STOCK WEAKNESS AND REITERATES SUCCESSFUL COMPLETION OF PHASE I ALPHANON TRIALS WITH ALZA CORPORATION
Next Article:KERR REPORTS 1992 RESULTS
Topics:


Related Articles
HAMBURGER HAMLET ANNOUNCES 1991 EARNINGS
HAMBURGER HAMLET ANNOUNCES SECOND QUARTER EARNINGS
HAMBURGER HAMLET ANNOUNCES THIRD QUARTER EARNINGS
HAMBURGER HAMLET REPORTS FIRST QUARTER EARNINGS
HAMBURGER HAMLET REPORTS SECOND QUARTER EARNINGS
HAMBURGER HAMLET COMMENTS ON FOURTH QUARTER; ANNOUNCES ACTIONS TO IMPROVE FINANCIAL PERFORMANCE AND STOCK REPURCHASE PROGRAM
HAMBURGER HAMLET REPORTS 1993 FOURTH QUARTER AND YEAR END RESULTS
HAMBURGER HAMLET REPORTS THIRD QUARTER EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters